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You buy a bond with a face value of $1000. The bond pays interest with a nominal annual rate (APR) of 6.5%. Interest is paid

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You buy a bond with a face value of $1000. The bond pays interest with a nominal annual rate (APR) of 6.5%. Interest is paid quarterly (four times a year). You paid $1050 for the bond. The maturity of the bond is in exactly five years. What is the Yield to Maturity (YTM) of your investment in the bond if you keep until maturity, that is, for the next five years? Hint: Use Excel to figure the IRR. The YTM of your investment is % (Round to two decimal places)

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